Modifying an Estate Plan

Things change and so should your estate plan. Wills and Trusts are easy to revise and should be reviewed from time to time to reflect your current desires.

There are many different reasons for modifying an estate plan:

  • Unclear or uncertain language in the original trust or will document
  • You had another child after the estate documents were  made
  • Divorce or remarriage
  • Lack of clarity in the identity of the beneficiaries
  • You may want to change the secondary beneficiary
  • Addressing a particular tax issue
  • One of the beneficiaries may have passed away and you may want to consider who you would want to receive that beneficiary’s share
  • One of your beneficiaries may have come into a significant amount of money and you want to change the distribution language
  • You may have significantly less assets than you did 10 – 20 years ago when the estate plan was created
  • You may have significantly more assets than you did when the estate plan was initially created